These technical thoughts from Rick may not be what you want to hear.
Click download link to listen on this device: Download Show
What about backwardation in gold futures? Is that why you think Gold going lower?
But is not US dollar going to weaken, as demonstrated currently by oil close to $106
THE FED (the bernake hates gold) AND BANKSTERS WILL NOT QUITE UNTIL THEY FEEL THEY HAVE DRIVEN IT (GOLD/SILVER) TO A POINT THAT COVERS ALL THE SHORTS AND FORCES MOST TO FLEE. THEY CARE NOT FOR YOU OR ME AND WILL DO ANYTHING TO WIN.
‘simply said’
wyn harter
Only until the extremists bail out in disgust, Wyn. Then the good guys will take up the slack.
When the bull market ends, everyone will finally understand that the “extremists” are the paperbugs.
🙂
Well of course, Matther!
Those paper bugs are a slippery lot. Don’t underestimate them, Matt. They have been beating the pants off the gold bugs for a long time already. What makes you think they won’t be gold buyers when the time is right?
Since the dollar lost its gold backing, the Dow is up 17 fold while gold is up almost 37 fold (using the current $1285/oz). At the peak, gold was up nearly 55 fold. Not bad for an investment that has no counterparty risk (no default, performance, or fraud risk, etc.) Who’s beating the pants off who?
The paperbugs didn’t buy in 1999 to 2001 when gold was $252 and they’re not buying now. They are net short. Paperbugs are price chasers. They buy tops and sell bottoms.
We know this because the herd is made of paperbugs. They only like a sale on things they understand, like beer or a new pick-up truck.
Hope it is a red one with mag wheels!
🙂
🙂 🙂 🙂 ……There you go again…Matthew….being spot on again!!!
Ooooohhhh. The fists are flying in the gold camp today. You guys are dangerous. Ha Ha Ha!!!!
UUUUUUUUHHHHHHH WRONG SORRY RICK AND BIRD AND THE REST OF THE BEARS….WE RALLY HARD AND SQUEEZE U ALL…GOOD RIDDANCE!
Funny isn’t it, everyone was bearish last Friday. The Bird thought gold would fall hard on Monday. Then, yesterday, he said: “Pencil me in for “this baby is going down” tomorrow.”
At extreme lows, there are always a hell of a lot more confident bears than there are bulls.
Ha Ha Ha!! You are breaking a gut here Mathew. Being wrong once in the past 4 months is hardly a trend. My timing might be a little off this week but I will assure you the bottom has not yet been seen. Stay tuned.
Bird, I’m not picking on you because you guessed wrong, I do so because you’re so sure of your guesses. I am still wondering if we’ll see $1155. The action in the miners tomorrow should give us a pretty good clue; your assurance notwithstanding.
We will wait and see. If you are right and gold takes off like a bat out of hell I will be buying. My gut tells me more downside lies ahead though so I need solid confirmation that it has turned. There were excellent reasons to be buying all the way since the bottom fell out at 1923 but I refused to invest long because I did not buy the explanations and they did not fit my model.
Maybe started!
Are you admitting you are an extremist?
Comment above was for NYC, not you Al.
Matthew, Don’t blanket me in with everyone, or you will hurt my feelings.
Oops, I sure don’t want to hurt anyone’s feelings! You’re right, I do remember that you were NOT bearish -and said so. Something tells me that Marc wasn’t bearish either.
Okay I have to let Marc’s little secret out. Sorry Marc.
He soldall his gold and silver and is buying all myZimbaguay currency handover fist.
Sorry Marc!
Nooooo!!!
HA!!
Back at you with a doubl err hah!
Gold has hit 1288 now around 9pm est. I got fed up and sold my Nem to take a loss and moved that money into Intel with a very big position on the big dip and it has turned around today and higher in the after market.
Golds gone up 2 days in a row now after market, I wonder if we get hit friday.
I’m guessing that gold will close Friday near its high for the week. Today, Bernanke said: “Highly accommodative monetary policy for the foreseeable future is what’s needed in the U.S. economy.” That language is explicit enough to keep the shorts covering.
Gold continues to make positive baby steps technically. The last three days of gains came on expanding volume for a change. The MACD has made a “bull cross” and we now have two closes above the 13 day moving average. Many other indicators are improving too.
The uninspiring action in the miners this week isn’t as negative as it appears, in my opinion. Any weakness (or strength, for that matter) in many of my favorites came on tiny volume. This indicates that both the bulls and bears have been in a “wait and see” mode. However, if the usual leverage doesn’t return to the miners tomorrow, I’ll take that as a warning that more weakness could be on the way. We should see some breakaway gaps in the better miners if this really is “it.”
Does Ricks forcast count if he hits it in aftermarket? I dont know if its gonna get hit friday or not, cot (jp morgan) has changed favoring long.
I noticed Bernanke will not open mouth till market closed. 4 pm EDT.